Standard Chartered Plans to Exit 5 African Markets

British multinational banking and financial services provider, Standard Chartered recently announced that it is planning to exit 7 markets in Africa and the Middle East region. The markets include 5 countries in Africa and 2 in the Middle East.

Standard Chartered has decided to exit Angola, Cameroon, Gambia, Sierra Leone and Zimbabwe. In addition, the financial services provider aims to leave the markets of Jordan and Lebanon. Additionally, in two African markets (Tanzania and Cote d’Ivoire), Standard Chartered is planning to focus solely on its Corporate, Commercial and Institutional Banking ('CCIB') business.

Additionally, Standard Chartered has highlighted its significant investments in Africa and the Middle East during the past few years. The financial giant recently opened a branch in the Kingdom of Saudi Arabia.

“As we set out earlier in the year, we are sharpening our focus on the most significant opportunities for growth while also simplifying our business. We remain excited by a number of opportunities we see in the AME region, as illustrated by our new markets, but remain disciplined in our assessment of where we can deliver significantly improved shareholder returns,” the CEO of Standard Chartered Group, Bill Winters, commented.

In February 2022, Standard Chartered announced the expansion of business banking and digital strategy with the appointment of new global heads. Xie Wen joined Standard Chartered as Global Head of Business Banking while Mohamed Keraine became a part of the bank to drive its digital agenda.

Regional Strategy

The Group’s recent step shows that it has changed its strategy for the Africa and Middle East region to focus on productive areas. The Group currently has a presence in 59 markets.

“Collectively, our actions will position the AME franchise for the next phase of growth after a very strong 2021 performance. We are grateful to our colleagues and partners in each of these impacted markets for their hard work and dedication and are committed to supporting them through this transition,” Winters added.